New Bookkeeping Act – What You Need to Know

The rules for bookkeeping and accounting change regularly, and as a business owner it can be hard to keep track of what actually applies to your business. Below we go through the most important things small and medium-sized businesses in Namsos and Overhalla should know about the bookkeeping rules going forward, and what you should do now to stay ahead of them.

The bookkeeping rules are being updated to keep pace with technological developments – including the increased use of electronic invoicing, digital receipts and cloud-based accounting systems – while the Norwegian Tax Administration also wants better oversight and simpler reporting for businesses. The aim is a framework that is easier to comply with for the vast majority, while making it harder for the few who try to evade it.

Most of the changes are aimed at making everyday life simpler for businesses subject to bookkeeping requirements, but they also require your receipts and systems to be up to date and correctly set up. Some of the most important points to be aware of:

More and more requirements and incentives point towards fully electronic document handling. With a system like Tripletex you’re well equipped, since receipts can be uploaded digitally and processed on an ongoing basis. The same applies if you use Conta, PowerOffice Go, Fiken or eAccounting – what matters is that the system supports digital archiving and traceability from receipt to accounts.

The general rule is still 5 years from the end of the accounting year for most types of receipts, but certain documents – such as agreements and correspondence relating to individual transactions – may have different deadlines. Make sure your routines ensure safe, accessible storage throughout that period, ideally in a system with automatic backup.

With more flexible ways of working, there are now clearer requirements for documenting expenses related to home offices and travel. Good routines for receipts and travel expense reports are more important than ever, and should be logged on an ongoing basis rather than gathered at the end of the month.

Your accounting system should have automatic backups and adequate access controls, so that only authorised people can amend receipts and bookkeeping entries after the fact. This is both a legal requirement and an important part of good internal control.

Go through this now:

The most important thing you can do is make sure your bookkeeping is up to date and that you’re using an accounting system that meets current requirements. If you’re unsure whether your business complies with current rules, it’s a good idea to review this with your accountant well ahead of the next reporting deadline – don’t wait until the deadline is close.